Seoul: Hanwha Aerospace Co. has secured a 103.3 billion-won (US$71.5 million) contract to develop the propulsion system for South Korea's inaugural lunar lander, which is scheduled for launch in 2032, the company announced Monday.

According to Yonhap News Agency, the contract awarded by the state-run Korea Aerospace Research Institute tasks Hanwha Aerospace with the production, assembly, and testing of key propulsion components, including the engine and attitude control thrusters, over the next decade leading up to 2032.

Hanwha Aerospace has played a significant role in developing spacecraft propulsion systems for South Korea's space initiatives since the launch of the Arirang-1 multipurpose satellite in 1994. The company is leveraging its extensive experience in this field to fulfill the requirements of the lunar lander project.

The technologies and infrastructure developed as part of this project are expected to be instrumental in future space exploration missions. A Hanwha Aerospace official noted that the company is focused on enhancing South Korea's independent lunar exploration capabilities by drawing from over 30 years of experience in aerospace and defense.